Belfast Telegraph

Moy Park chief heralds new era as £1bn takeover sealed

By Margaret Canning

Northern Ireland's biggest ever food deal has now closed after poultry firm Moy Park was taken over by Brazilian food group JBS in a deal worth nearly £1bn.

According to a stock market filing by former owner Marfrig, it has received a cash payment of $1.21bn from JBS.

The company has also taken on the net debt of Moy Park of £193m.

The cash payment is higher than the $1.19bn originally planned, Marfrig said, due to variations in the working capital and net debt of Moy Park.

Craigavon-based Moy Park is Northern Ireland's biggest employer, with 6,300 employees in the province and another 5,400 in Great Britain. It also employs 800 people in France, 100 in Holland and around 50 in the Republic of Ireland. Customers include supermarkets like Asda and Waitrose as well as fast food giants such as McDonald's and Burger King.

Chief executive Janet McCollum said: "This is an exciting new phase in Moy Park's development.

"Moy Park and JBS share common values and goals with a focus on our customers, delivering high quality, innovative products underpinned by agricultural and operational excellence.

"Our day to day focus will remain very much business as usual."

Adrian Doran, head of corporate banking in Northern Ireland for Barclays, said: "With a transaction value approaching £1bn, this is one of the biggest ever corporate transactions in Northern Ireland."

Belfast Telegraph